First Mover Americas: Bitcoin Rises Above $62K After Fed Cuts Rate

Despite the long-awaited U.S. rate cut appearing to have the desired effect on crypto markets, traders are warning the rally could be short lived. They argue the bigger picture of economic slowdown and geopolitical uncertainty will hold back cryptocurrency price gains. Presto Research noted the mixed reaction across asset classes to the rate cut, which demonstrates that “growth concerns clearly exist.” Arthur Hayes, CIO of Maelstrom, argued that rate cuts will fuel inflation, which could see markets falter and then “they’re just going to do more of it and they’re going to make the problem even worse.”

Crypto Finance, a subsidiary of Germany’s largest stock exchange operator, signed a deal with Commerzbank to offer trading services to the lender’s corporate clients just two weeks after reaching a similar agreement with Zürcher Kantonalbank in Switzerland. Commerzbank will provide custody services, the companies said on Thursday. The trading service offered by the Deutsche Boerse unit will be available to clients based in Germany and initially focus on trading in the two largest cryptocurrencies, bitcoin and ether. Commerzbank obtained a crypto custody license in Germany in November 2023, allowing the financial services firm to offer a wide range of services related to digital assets.

Edited by Sheldon Reback.

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